QR code based coin vending machines to be launched in 12 cities: RBI

Shaktikanta Das, in the latest Reserve Bank of India (RBI) MPC meeting, announced that QR code-based coin vending machines in 12 cities soon. This will enhance ease of access of coins, distribution of coins using machines, said the RBI governor.

Coin vending machines are automatic machines that dispense coins against bank currency notes.

According to the RBI governor statement, “These vending machines will dispense coins against debit to the customer’s account using UPI instead of physical tendering of banknotes. This will enhance the ease of accessibility to coins. Based on the learnings from the pilot, guidelines will be issued to banks to promote distribution of coins using these machines.”